Aphria Q2 revenue C$21.7 mln vs. C$8.50 mln

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Aphria stock soars as pot producer receives takeover bid

Aphria Inc. shares exploded higher in late trading Thursday, after a takeover bid was publicly announced. Green Growth Brands Ltd. , a U.S.-based pot company also known as Xanthic Biopharma Inc. that trades on the Canadian Stock Exchange, publicly announced that it would offer 1.5714 shares of its own stock for each Aphria share, which it says values Aphria at C$11 a share. Aphria’s Canada-listed shares closed at C$7.57 Thursday, and were halted after the close; U.S.-listed shares closed at $5.57, and jumped more than 18% in after-hours action. Green Growth said that it offered Aphria a friendly bid that included a $50 million investment before going public with its bid. “Green Growth believes it already has support for the Offer from Aphria shareholders holding approximately 10% of the outstanding Aphria shares,” according to Thursday’s announcement. “Green Growth has additionally acquired a meaningful toehold position in Aphria.” In a later announcement, Aphria said that Irwin D. Simon had been appointed to chair its board of directors, replacing Chief Executive Vic Neufeld, who will remain in that position. The news release did not mention Green Growth’s takeover bid.

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